Two local apartment projects land $55M in affordable housing credits, bonds

Two Indianapolis apartment development projects have been chosen to receive more than $55 million in housing tax credits and multifamily bonds to create or preserve more than 500 affordable housing units, the Indiana Housing & Community Development Authority announced Thursday.

The authority said the awards from the Low-Income Housing Tax Credit program, in conjunction with the Multifamily Tax Exempt Bonds, are used to incentivize private developers to fund the construction, acquisition and rehabilitation of affordable housing communities throughout Indiana.

– Bradford Lake, a 357-unit apartment complex at 7626 Portage Ave. that was acquired by the Glick Housing Foundation last year, was awarded $25 million in bond volume and $1.85 million in tax credits for a rehabilitation.

– Forty Six Flats, a 173-unit planned development at 2511 E. 46th St., was awarded $26.8 million in bond volume, $1.53 million in tax credits and $500,000 in development funds. House Investments LLP and the not-for-profit Partnership for Affordable Housing Inc. are co-developing Forty-Six Flats on an 8.6-acre property on the south side of East 46th Street, between Keystone Avenue and Allisonville Road.  HI Management will oversee the property once it’s completed.

Awards were also granted The Reserve on Park in Fort Wayne and Nicholas Landing in Clarksville, for a total of $72 million in housing tax credits and $110 million in multifamily bonds going to 969 affordable units.

“These awards are a major investment into Indiana’s infrastructure,” Lt. Gov. Suzanne Crouch said in written remarks. “Through tax credits and bonds, these four properties will create and preserve nearly 1,000 units of affordable units and will greatly benefit these communities and the Hoosiers who live, work and play there.”

IHCDA has administered the LIHTC program to facilitate the creation and preservation of more than 150,000 units in the state since 1987. Click here for more information regarding IHCDA or the LIHTC program.